Russia’s central bank has increased its key interest rate from 18 per cent to 19 percent in an effort to curb inflation, the bank said in a statement on Friday.
“By the end of 2024, annual inflation is likely to exceed the July forecast range of 6.5-7 per cent,” the statement said, noting that inflationary pressures remain high.
The central bank said that further monetary tightening is needed to bring inflation down from the current 9.1 per cent to the target of 4 per cent by 2025, Xinhua news agency reported.
The bank raised the key rate in July from 16 percent to 18 per cent.